Anton Tkachev, a State Duma deputy from the New People party, has formally proposed establishing a Strategic Bitcoin Reserve (SBR) amid the asset’s growing popularity.
According to reports in Russian State media, the proposal was submitted to the Russian Minister of Finance, Anton Siluanov.
Russia To Create Strategic Bitcoin Reserve?
Russia could join a growing number of nations considering leveraging Bitcoin (BTC) for strategic purposes after Anton Tkachev, a State Duma deputy from the New People Party, proposed creating a national Bitcoin reserve. The proposal, sent to Finance Minister Anton Siluanov, highlights the asset’s potential as a hedge against sanctions, a financial stabilizer, and an investment vehicle amid geopolitical and economic uncertainties.
“With limited access to traditional international payment systems for countries under sanctions, cryptocurrencies are becoming virtually the only tool for international trade. The Central Bank of Russia is already preparing to launch an experiment on cross-border payments in cryptocurrency.”
The State Duma deputy highlighted Bitcoin’s potential to facilitate international trade for nations with limited access to traditional financial markets and payment systems. The proposal stated,
“I ask you, dear Anton Germanovich, to assess the feasibility of creating a strategic reserve of bitcoin in Russia by analogy with state reserves in traditional currencies. If this initiative is approved, I ask you to submit it to the Government of the Russian Federation for further implementation.”
Russia’s Pivot To Crypto
The proposal aligns with Russia’s strategy to counter sanctions and maintain financial independence through decentralized digital assets. It also comes after recent praise for Bitcoin by Russian President Vladimir Putin. Speaking at the VTB Investment Forum, Putin stated that nobody can ban Bitcoin, calling it a necessary evolution in global finance. Russia has recently exempted crypto mining from VAT and recognized digital assets as property. The country’s central bank is also exploring cross-border transactions in crypto. Additionally, it has established tax frameworks for individuals and institutions conducting transactions using digital assets.
Russia hopes to create a controlled yet supportive environment for cryptocurrencies and position itself as a significant player in the growing crypto economy.
A Growing Trend
If the proposal is implemented, Russia will join several world governments exploring using Bitcoin as a financial and strategic asset. El Salvador pioneered using BTC as a financial and strategic asset by making the cryptocurrency legal tender in 2021 and establishing a Bitcoin reserve to stabilize its economy and promote investment. The Central African Republic followed in El Salvador’s footsteps and integrated Bitcoin into its financial ecosystem. US President-elect Donald Trump has also promised to establish a Bitcoin reserve in the US.
The proposal is still in its early stages. However, it reflects the shift in the global landscape towards digital assets, which were initially shunned as speculative assets. Today, they are increasingly viewed as tools of strategic and economic importance by a growing number of governments.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2024/12/russia-contemplating-strategic-bitcoin-reserve-amid-growing-crypto-appeal